The first phase of Pengg Usha Martin Wires Private Limited, a company producing oil tempered wires was inaugurated in Ranchi, Jharkhand on Thursday.The company is a joint venture between Joh Pengg AG, Thoerl, Austria and Usha Martin Limited. Joh Pengg AG, Thoerl, Austria - an TS 16949 company is a pioneer and global leader in the production of oil tempered wire for the automotive industry.Joh Pengg AG will hold 60 per cent equity in the joint venture while Usha Martin will hold 40 per cent. The joint venture agreement between the two companies was signed on March 21. The infrastructural facilities at the plant has been set up in such a manner that the future expansion will be faster and cost effective, said a press release added.The cost of first phase of the project is Rs.46 crore. Speaking on the occasion, Gottfried Pengg, Chairman, Joh Pengg said, 'We are confident that the combined resources of our two companies will make this enterprise highly successful.'Commenting on the development, B K Jhawar, Chairman, Usha Martin said, "Our Group is always committed to introducing high quality value added products with world class technologies and our joint venture with Joh Pengg of Austria to manufacture oil tempered wires is yet another initiative in that direction."
Source: Newindpress.com
8th February, 2008